ABSTRACT
An innovation plan is the written document that details the proposed innovation and its commercial potential as a venture. The innovation plan is the roadmap for a successful enterprise. The comprehensive innovation plan is useful for existing organizations, not just startups. All aspects of engineers innovation idea should be addressed in the plan. The innovation plan provides for the executive team the details of the market potential and plans for securing a share of that market. A short description of the innovation should be the first information the reader encounters. An attractive appearance, proper length, an executive summary, a table of contents, and professionalism in grammar, spelling, and typing are important factors in a comprehensive innovation plan. There are several components of an innovation plan. Koch Industries provides an illustration of how organizations can create a competitive advantage by implementing innovation and corporate entrepreneurship strategies.
